## Analysis of Concord Corp. Accounts Receivable ### Overview An analysis and aging of Concord Corporation's accounts receivable as of December 31, 2025, provides the following details: - **Amounts estimated to be uncollectible:** $180,710 - **Total accounts receivable:** $1,799,500 - **Allowance for doubtful accounts (per books):** $125,900 ### Calculation To determine the net realizable value of the accounts receivable, which is the amount expected to be collected, the allowance for doubtful accounts is subtracted from the total accounts receivable. ### Question What is the net amount expected to be collected of Concord’s receivables at December 31, 2025? - **Net realizable value:** $[Blank for calculation] --- ## Marigold Co. Doubtful Accounts Provision ### Details Marigold Company provides for doubtful accounts based on 3% of gross accounts receivable. Below is the relevant data for 2025: - **Credit sales during 2025:** $3,343,800 - **Bad debt expense:** $57,040 - **Allowance for doubtful accounts at 01/01/25:** $16,760 This data helps in evaluating the financial health and credit risk management of the company.

## Analysis of Concord Corp. Accounts Receivable ### Overview An analysis and aging of Concord Corporation's accounts receivable as of December 31, 2025, provides the following details: - Amounts estimated to be uncollectible: $180,710 - Total accounts receivable: $1,799,500 - Allowance for doubtful accounts (per books): $125,900 ### Calculation To determine the net realizable value of the accounts receivable, which is the amount expected to be collected, the allowance for doubtful accounts is subtracted from the total accounts receivable. ### Question What is the net amount expected to be collected of Concord’s receivables at December 31, 2025? - Net realizable value: $[Blank for calculation] --- ## Marigold Co. Doubtful Accounts Provision ### Details Marigold Company provides for doubtful accounts based on 3% of gross accounts receivable. Below is the relevant data for 2025: - Credit sales during 2025: $3,343,800 - Bad debt expense: $57,040 - Allowance for doubtful accounts at 01/01/25: $16,760 This data helps in evaluating the financial health and credit risk management of the company.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following aging information pertains to Jacobsen Company's accounts receivable at December 31, 2024: Days Outstanding Amount Estimated % Uncollectible 0-30 $ 420,000 2% 31-60 140,000 5% 61-120 100,000 10% Over 120 120,000 20% During 2024, Jacobsen wrote off $18,000 in receivables and recovered $6,000 that had been written off in prior years. Jacobsen's December 31, 2023, allowance for uncollectible accounts was $40,000. Using the balance sheet approach, what amount of allowance for uncollectible accounts should Jacobsen report at December 31, 2024?
The following information is available for Sheridan Company: Allowance for Expected Credit Losses at December 31, 2023 Credit Sales during 2024 Accounts Receivable deemed worthless and written off during 2024 $7980 O $4788 $3762 $8550 O $84360 307800 3192 As a result of a review and aging of Accounts Receivable in early January 2025, it was determined that an Allowance for Expected Credit Losses balance of $8550 is required at December 31, 2024. What amount should Sheridan record as loss on impairment for calendar 2024?
Please do not give solution in image format thanku
An analysis and aging of Marigold Corp.’s accounts receivable at December 31, 2020, disclosed the following: Amounts estimated to be uncollectible $156,000 Accounts receivable 1,810,000 Allowance for doubtful accounts (per books) 140,000 What is the net realizable value of Marigold Corp.’s receivables at December 31, 2020? Net realizable val
None
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020, its annual year-end, the accounts of Sun Systems Inc. show the following. 1. Sales revenue for 2020, $468,000, of which one-sixth was on account. 2. Allowance for doubtful accounts, balance December 31, 2019, $2,340 credit. 3. Accounts receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2020), $46,930. 4. Uncollectible accounts to be written off, December 31, 2020, $2,730. 5. Aging schedule at December 31, 2020, showing the following breakdown of total accounts receivable, excluding amounts to be written off. Status Amount Not past due Remainder Past due 1–60 days $10,400 Past due over 60 days 7,800 Required a. Prepare the 2020 entry to write off the uncollectible accounts. b. Prepare the 2020 adjusting entry to record bad debt expense for each of the following separate assumptions concerning expected bad…
Asap
Zebra Company reported the following for 2022: Credit sales = $419884 Accounts Receivable = $16376 Allowance for Doubtful Accounts = $291 (credit balance) Bad Debt is estimated at 0.31 of 1% of sales After the adjusting entry is recorded, what is the value of Allowance for Doubtful Accounts? ROUND TO THE NEAREST DOLLAR
The following accounts receivable information pertains to Marshall Inc. Past-Due Accounts Percentage Category Receivable Total Uncollectible 0-30 days $84,550 8% 31-90 days 37,230 16% Over 90 days 23,170 37% Determine the estimated uncollectible bad debt from Marshall Inc. using the balance sheet aging of receivables method. Round final answer to two decimal places. Record the year-end adjusting journal entry for bad debt. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31
I NEED HELP FEELING IN THE BLANKS Information related to Novak Company for 2020 is summarized below. Total credit sales $2,575,000 Accounts receivable at December 31 853,000 Bad debts written off 34,900 (a)What amount of bad debt expense will Novak Company report if it uses the direct write-off method of accounting for bad debts? $________________ (b)Assume that Novak Company estimates its bad debt expense based on 5% of accounts receivable. What amount of bad debt expense will Novak record if it has an Allowance for Doubtful Accounts credit balance of $3,700? $___________________ (c)Assume that Novak Company estimates its bad debt expense based on 5% of accounts receivable. What amount of bad debt expense will Novak record if it has an Allowance for Doubtful Accounts debit balance of $3,700? $__________________
10
Current Attempt in Progress Wildhorse Company has accounts receivable of $101,200 at March 31, 2022 Credit terms are 2/10, n/30. At March 31, 2022, there is a $1,300 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Transcribed Text (a) 2022 Balance, March 31 $61,600 22,100 8,600 8,900 2021 $75,000 Total estimated uncollectibles 8,000 2,400 1,100 $101.200 $86,500 Estimated Percentage Uncollectible 3% 5% 23% 50% c Determine the total estimated uncollectibles at March 31, 2022.